Insurance payout offer - it's thrown me!
Discussion
Morning all!
I finally got an offer for my chim yesterday from the insurers - it's thrown me because its a lot closer to what I wanted than I had anticipated.
It was a 1995 M on 66k miles, with a v8D stage 2 4.6!installed at about 50k, Nitrons tuscan seats, great chassis.
I had been anticipating an initial offer of about 6-7k on the basis that they wouldn't take the engine etc into account. They have actually offered 11k.
When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
Looking through PH, 11k is enough to get a later model but with higher miles, but it wouldn't buy a low mile with new engine...I can't evidence this, because there aren't any.
Should I just take the offer and go?
Kthe other nagging point in my head is "never take their first offer"
I was all ready to argue up, but based on a low ball first offer.
Thoughts welcomed!
Thanks
Keith
I finally got an offer for my chim yesterday from the insurers - it's thrown me because its a lot closer to what I wanted than I had anticipated.
It was a 1995 M on 66k miles, with a v8D stage 2 4.6!installed at about 50k, Nitrons tuscan seats, great chassis.
I had been anticipating an initial offer of about 6-7k on the basis that they wouldn't take the engine etc into account. They have actually offered 11k.
When I said "that sounds closer than I was expecting" the response was "well sir that IS the value that you put down when you insured it"
The thing is - it was for sale at the time of the accident, for 12.5k. I haven't mentioned this yet.
Looking through PH, 11k is enough to get a later model but with higher miles, but it wouldn't buy a low mile with new engine...I can't evidence this, because there aren't any.
Should I just take the offer and go?
Kthe other nagging point in my head is "never take their first offer"
I was all ready to argue up, but based on a low ball first offer.
Thoughts welcomed!
Thanks
Keith
thanks for the responses everyone.
It wasn't an agreed value policy. I think the reason they've offered 11k is that after excess (£250) - it's what I paid for the car 2 years ago. I stated the "purchase value" on the insurance - saves them having to work out how much it'd actually be worth. However - I had owned it for 18mths, the values have gone up since I bought, and I had replaced every ancillary under the bonnet, amongst other things, so the car was in much better condition than when I bought it.
I shan't mention who the policy is with until a later date as they have been AWFUL to deal with up to now so I will unfortunately find it impossible to recommend them.
It WAS on a classic policy, though. With everything declared.
I'm erring towards accepting it and asking if I can buy back. Partly because realistically it's a pretty fair offer (It's what I'd have accepted to sell) and partly because it'd be the devils own job to show why I'd need more to buy the same again - because the same again doesn't exist.
It's listed as a Cat B which means that the bodyshell has to be crushed but the other parts can be salvagable. If I can buy it for a sensible figure, I'd sell the engine, tuscan seats, interior etc and scrap the rest (it was a hell of a shunt, I wouldn't want anyone to ever use the chassis again).
It wasn't an agreed value policy. I think the reason they've offered 11k is that after excess (£250) - it's what I paid for the car 2 years ago. I stated the "purchase value" on the insurance - saves them having to work out how much it'd actually be worth. However - I had owned it for 18mths, the values have gone up since I bought, and I had replaced every ancillary under the bonnet, amongst other things, so the car was in much better condition than when I bought it.
I shan't mention who the policy is with until a later date as they have been AWFUL to deal with up to now so I will unfortunately find it impossible to recommend them.
It WAS on a classic policy, though. With everything declared.
I'm erring towards accepting it and asking if I can buy back. Partly because realistically it's a pretty fair offer (It's what I'd have accepted to sell) and partly because it'd be the devils own job to show why I'd need more to buy the same again - because the same again doesn't exist.
It's listed as a Cat B which means that the bodyshell has to be crushed but the other parts can be salvagable. If I can buy it for a sensible figure, I'd sell the engine, tuscan seats, interior etc and scrap the rest (it was a hell of a shunt, I wouldn't want anyone to ever use the chassis again).
Ah I had wondered if that might be the case - which means someone is going to get a WONDERFUL surprise when they buy what they think is an engine from a 66k mile 400 and find it's a 2 year old 4.6 with 300bhp...
Keep your eye out on the VIN plate, folks!
Keep your eye out on the VIN plate, folks!
Edited by keith2.2 on Thursday 26th March 14:00
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